Approval, Donation, and Valuation of a Conservation Easement
Pippin Tree Farm, Concord, Massachusetts
This 46-acre equestrian property had a Colonial-style residence and several barns and paddocks. An additional 73± acres had been placed under a Forestry Legacy Easement by the owner 12 years earlier. The owner wanted to protect the property from development and to lower value for estate tax purposes. LandVest was hired to create a conservation easement document that achieved these goals and was approved by both the Grantor (owner) and the Grantee, the Trustees of Reservations.
LandVest conducted a highest and best use analysis using conceptual plans as models for determining the value of the property before and after it was encumbered by an easement. The team managed the CR boundary survey, building inspection, and soil testing for determining septic waste disposal suitability, and approval-not-required division approvals. Project management also included preparation of a qualified appraisal to substantiate the value of the charitable donation of the easement to the IRS, and preparation of a Baseline Report documenting the condition of the property at the time it was encumbered by the easement.
The final design included 42.8± acres encumbered by an easement with the underlying land to be retained by the property owners. LandVest obtained approval of the easement language from the local land trust, the town, and state, and substantiated the value as a charitable donation to the IRS.
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